Technology South America Exclusives

Petrobras debt, Petrobras asset sales

Despite the amount of money generated by sales so far, the company’s current financial situation still worries investors.

Petrobras, digital transformation, blockchain, Augusto Hougaz, oil and gas technology

Petrobras’ business plan includes spending $6.63 billion on infrastructure and R&D, including investments in the digital transformation area.

Brazil oil and gas, Anabal Santos Jr., Brazilian Association for Independent Producers of Oil & Gas, ABPIP, Decio Oddone, ANP

As Brazil’s offshore segment flourishes, onshore opportunities have not gained much attention. But the Brazilian government is working to make its onshore assets more attractive.

Brazil oil and gas, Repetro, Rio de Janeiro state, Campos Basin oil, presalt

The author of the bill that would end Repetro in Rio de Janeiro said the move would only exempt taxation of imported oilfield equipment during the exploratory phase of projects.

FlatFish AUV, Shell Brazil

FlatFish is an AUV dedicated to the inspection of subsea structures and pipelines.

Contracts South America

The comptroller’s office and lawmakers opened probes into the contracts after learning former president Pedro Pablo Kuczynski had signed a decree approving them while his government imploded in a graft scandal last month.

Alliance will explore joint projects in Brazil and beyond.

Petrobras has awarded Aker Solutions a four-year services contract for offshore Brazil, the company said on Feb. 8.

The company said in a securities filing that it would pay 1.7 billion reais (US$538.5 million) in 12 monthly installments beginning this month.

The FPSO unit will process up to 180,000 barrels per day of oil and 12 million cubic meters of gas, Petrobras said. Production is forecast to begin in 2021.

Digital South America

digital technology, oil and gas, subsea, Petrobras, Aker, Brazil

Executives from oil and gas, supply and technology companies met in Rio de Janeiro to discuss the latest oil and gas technology trends.

Equipment South America

According to the Brazilian major, the company’s PLSV fleet might have 16 vessels by year-end, two less than what were under contract in 2017.

With the necessity of the development of ultradeepwater projects located in the presalt layer, many FPSO unit building companies eye Brazil as a good opportunity to ensure new contracts.

Libra, a giant oil field located in Brazil’s presalt area, will boost many business opportunities over the next years.

Four years after Total and its partners paid 622 million reais (US$196 million) for five exploration blocks, they are still waiting for the go-ahead from Brazil's environmental regulator, Ibama.

Saipem’s flagship vessels FDS2 and the Normand Maximus will carry out the work, which will begin in 2019.

Operations South America

Venezuela arrested two Chevron Corp. (NYSE: CVX) executives, the U.S. oil major said on April 17, in what appeared to be the first arrests of a foreign oil company’s direct employees during a purge of alleged graft in the OPEC nation.

Even as ExxonMobil and other companies in recent years have left Venezuela, Chevron has stayed and has consistently said its operations there are fine.

The company has studied geological data and is ready to cooperate in arrangements for various assets in Brazil, as is customary in the oil and gas industry, Wintershall CEO Mario Mehren

YPF CFO Daniel Gonzalez said the company planned to drill 100 wells in 12 different areas of Vaca Muerta this year due to lower drilling costs for horizontal wells.

André Araújo talks about the company’s plans and expectations for its future in Brazil.

People South America

A six-member executive committee had run the company since its previous CEO, Ricardo Darre, resigned last August. Gonzalez, who served as CFO for six years, formed part of that committee.

Richard Herbert, formerly of BP, will replace Barry Larson as the CEO of Canada's Frontera Energy.

Venezuelan authorities on Nov. 30 arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge also seen as a power play by leftist President Nicolas Maduro.

Industry analysts and sources said the surprise appointment of Manuel Quevedo, a former housing minister with no known energy experience, was a bad omen for the country’s oil industry.

Arrest of acting president of Citgo part of the country’s corruption purge.

Regulations South America

The results were the best first-quarter showing in four years, the company said in a regulatory filing.

The Lisama 158 well, which was in the process of being shut down because of low production, leaked crude into a ravine over a three-week period, contaminating the water and affecting animal and plant life.

The U.S. is considering restricting imports of Venezuelan crude oil and exports of U.S. refined products to Venezuela, U.S. Secretary of State Rex Tillerson said Feb. 4, to put pressure on socialist President Nicolas Maduro to “return to the constitution.”

Insufficient investment, payment delays to suppliers, and the sanctions imposed by the administration of U.S. President Trump have hammered Venezuela's oil industry and saw production fall.

The regulation, called the Production Safety Systems Rule, addresses safety and pollution prevention equipment, subsea safety devices and safety device testing for oil and gas production on the U.S. Outer Continental Shelf.